Stonepeak Partners LP

Who owns Stonepeak?
Stonepeak is a private partnership owned by its senior partners, led by co-founder, Chairman, and CEO Michael Dorrell. It is not publicly traded and is not owned by a larger financial institution.

Is Stonepeak publicly traded?
No. Stonepeak Partners LP is a private investment firm. Its shares do not trade on any exchange.

When was Stonepeak founded?
Michael Dorrell and Trent Vichie founded Stonepeak in 2011, after building Blackstone's infrastructure investing unit from 2008. The firm's first fund closed at $1.65 billion.

What does Stonepeak invest in?
Infrastructure and real assets: data centers, fiber networks, energy and energy transition, transport and logistics, real estate, and hard-asset businesses with durable cash flows, including its majority stake in Castrol.

Does Stonepeak own Castrol?
Yes. On November 2, 2026, Stonepeak completed the acquisition of a 65% controlling stake in Castrol from bp at an enterprise value of approximately $10 billion. bp retains 35% and CPP Investments holds an indirect minority interest.

How big is Stonepeak?
The firm manages approximately $98 billion as of June 2026 and employs more than 400 people across offices in New York, Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh.

Michael Dorrell and Trent Vichie founded Stonepeak in 2011. Both had joined Blackstone in 2008 from Australia's Macquarie Group to establish Blackstone's infrastructure investing unit, and three years later they spun out to build an independent firm focused entirely on infrastructure. Dorrell, an Australian who built his career at Macquarie's infrastructure funds, became chairman and CEO.

The firm's debut vehicle, Stonepeak Infrastructure Fund I, raised $1.65 billion with investors including Washington State, Oregon State, the Virginia Retirement System, and TIAA. Early investments across utilities, energy transport, and communications infrastructure established the firm's record, and each subsequent flagship fund grew larger.

Through the 2010s and 2020s, Stonepeak expanded both its fund sizes and its sector coverage. It became a significant investor in digital infrastructure during the data center and fiber boom, and it broadened into private credit, real estate, and energy transition alongside its core equity funds. By 2022, the firm was reportedly targeting up to $20 billion for its next flagship North American infrastructure fund, and its employee count grew past 400 across offices in New York, Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh.

The firm's highest-profile transaction came in 2025 and 2026. In December 2025, bp agreed to sell a 65% stake in Castrol, its global lubricants business, to Stonepeak at an enterprise value of approximately $10 billion. The deal closed on November 2, 2026: Stonepeak took majority control, bp retained a 35% minority interest, and Canada Pension Plan Investment Board joined as an indirect minority investor. A new Castrol board was seated under chairman Ben van Beurden, the former Shell CEO, positioning Castrol as a standalone company with independent management and strategy.